Arbitrum, an Ethereum layer 2 scaling solution has warned community members to beware of phishing websites and scams offering its forthcoming “ARB” token Airdrop in a bid to defraud cryptocurrency users.
The Arbitrum Foundation announced on March 16 that it will distribute 10 billion governance tokens via an airdrop, letting token holders vote on code changes. The decrease will occur on March 23.
Regrettably, a number of scammers have attempted to put up fake token airdrops in an attempt to steal funds from victims prior to the officially scheduled event.
Redefine, a blockchain security startup, posted on March 19 that it had discovered a website imitating the legitimate Arbitrum airdrop site. The screenshots depict a website requesting access to a user’s funds, likely resulting in scammers emptying the wallet.
Redefine, a blockchain security company has discovered multiple websites imitating the official Arbitrum airdrop website. Definition of the source
Another blockchain security company, CertiK, identified a bogus Arbitrum Twitter account with the user name “@arbitrum launch” that promotes a token Airdrop. Users have been urged not to interact with it.
Likewise, on March 19, the Reddit user CryptoMaximalist created a thread warning that “scammers want to leverage on the intricacy of cryptocurrency and the eagerness of people for free money.”
According to CryptoMaximalist, they discovered bogus “Arbitrum” Twitter profiles with links to false Arbitrum websites. CryptoMaximalist advises everyone to examine a user’s profile and history before clicking on shared links.
Since the announcement of the token airdrop, Web3’s anti-scam tool Scam Sniffer has spotted more than 273 phishing sites associated with Arbitrum. This number is projected to increase before the official drop on March 23.
According to the Arbitrum Foundation, a scoring system was utilized to determine who was eligible for the token airdrop and how many tokens they might claim.
Actions such as performing more than four transactions or interacting with at least four smart contracts, bridging funds into the chain Arbitrum One, and depositing over $50,000 in liquidity into Arbitrum qualified as qualifying actions.
The blockchain analytics firm Nansen, which collaborated with Arbitrum to design the eligibility requirements, indicated that just 625,143 of the more than 2.3 million wallets bridged on the Arbitrum One chain prior to February 6 are eligible for the airdrop.
Positive (behaviors to promote) or negative (behaviors to discourage) points were awarded for organic activity. “The number of tokens a wallet received in the airdrop was proportional to the number of points it accumulated,” Nansen stated in a March 16 tweet.
